The Euro Dollar EUR/USD currency pair ends the trading week within the framework of growth development near the level of 1.0551. The pair continues to move within the framework of the long-term descending channel. There is still potential for the implementation of the reversal model “Head and Shoulders”. The moving averages indicate the presence of a bearish trend for the pair. Prices have broken through the area between the signal lines downwards, which indicates pressure from buyers of the European currency and a probable continuation of growth from the current levels. As part of the Euro exchange rate forecast for the trading week, we should expect an attempt to develop a decline in the EUR/USD pair and a test of the support area near the level of 1.0505. From where an upward rebound and continued growth of the Euro Dollar currency pair is expected in the current trading week. The potential growth target is the area above the level of 1.0925.
EUR/USD Forecast and Analysis December 9 — 13, 2024
An additional signal in favor of the growth of the EUR/USD pair on Forex will be a test of the support line on the relative strength indicator (RSI indicator). The second signal will be a rebound from the “Neck” line of the reversal model “Head and Shoulders”. The cancellation of the option of raising the quotes of the Euro Dollar pair in the current trading week of December 9 — 13, 2024, will be a fall and a breakout of the level of 1.0245. This will indicate a breakout of the resistance area and a continuation of the rise of the pair to the area above the level of 0.9805. With a breakout of the resistance area and closing of quotes above the level of 1.0695, we should expect confirmation of the growth of quotes of the pair, which will indicate a breakout of the upper border of the descending channel.
EUR/USD Forecast and Analysis December 9 — 13, 2024 suggests an attempt to develop a bearish correction and test the support area near the level of 1.0505. Where should we expect an upward price rebound and continued growth of the pair on the Forex market to the area below the level of 1.0925. An additional signal in favor of the rise will be a test of the support line on the relative strength indicator (RSI). The Euro Dollar growth scenario will be cancelled by a fall and a breakout of the 1.0245 level. In this case, we should expect the pair to continue to decline with a potential target at the level of 0.9805.
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